The cost of the first stage of the project is 7.909 billion soums. Uzavtosanot will direct 2.738 billion soums of own resources and attract 5.536 billion soums of banks’ loans.

The production will start in the first quarter of 2012. It is planned to produce 45,000 sets of products or goods for 8.8 billion soums in the first phase of the project.

As earlier reported, GM Uzbekistan will start to assemble Chevrolet M 300 in 2010. In the initial stage, the enterprise will produce 50,000 units of new model, of which 20,000 units will be exported. Localization level of new car is 50% now and it is planned to increase it to 51%.

GM Uzbekistan was founded on the bases of UzDaewoo Auto, which was created by the Government of Uzbekistan and South Korea’s Daewoo Motor on parity basis. The plant was commissioned in 1996.

The Government of Uzbekistan acquired 50% stake of Daewoo in the venture in 2005 and at the end of 2007, Uzavtoprom and General Motors (GM) signed agreement on foundation of GM Uzbekistan on the bases of UzDaewoo Auto. GM holds 25% stake in the venture.